Transocean to Acquire Valaris in $10B All-Stock Deal

Combination aims to position combined company for offshore drilling upcycle

Published on Feb. 10, 2026

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Transocean has announced plans to acquire Valaris in an all-stock transaction, describing the deal as a 'transformational combination' that will create a leading offshore drilling company with a diverse fleet of high-specification rigs and an expanded presence across water depths and environments.

Why it matters

The acquisition is expected to generate over $200 million in annual cost synergies and add more than $1.5 billion in value, positioning the combined company to capitalize on forecasted increases in offshore investment and project sanctioning over the next several years.

The details

The combined company will have a pro forma backlog of over $10 billion and a fleet including 7 harsh-environment semisubmersibles, 26 7th and 8th generation drillships, and a 31-rig jack-up fleet. Transocean plans to continue operating Valaris' jack-up rigs, which are seen as a strong cash flow contributor. The transaction is expected to be accretive to free cash flow and earnings per share after closing.

  • Transocean and Valaris expect to close the transaction in the second half of 2026.

The players

Transocean

A leading provider of offshore drilling services and a subsidiary of Transocean Ltd.

Valaris

A global provider of offshore drilling services, operating a diverse fleet of mobile offshore drilling units.

Keelan Adamson

President and CEO of Transocean.

Anton Dibowitz

CEO of Valaris.

Thad

CFO of Transocean.

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